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When Jeffrey Epstein died, he left behind an estate with an estimated value of $600 million. There were vast financial holdings, a private jet and palatial properties including an island hideaway, a grand Manhattan mansion and a 7,600-acre New Mexico ranch.

But taxes, property upkeep and temperature-controlled storage for his art collection — as well as $121 million in settlements to more than 135 women who accused him of sexually abusing them when they were young — have since cut into the size of Epstein’s estate. It is now worth about one-third of its value when the financier, 66, hanged himself in a Manhattan jail cell while awaiting trial on sex-trafficking charges 2 1/2 years ago.

The biggest continuing expense is legal costs: $30 million so far to law firms brought in to clean up Epstein’s affairs. Lawyers have helped hand out settlements, liquidate assets and sift through the complicated holdings of a man who once set up his own offshore bank.

The work won’t be finished anytime soon. The estate must still resolve a civil fraud lawsuit, brought by the attorney general of the Virgin Islands, who claims Epstein used the territory to facilitate a criminal enterprise by bilking it out of more than $70 million in tax revenue. And Ghislaine Maxwell, the former associate of Epstein who was convicted of sex-trafficking charges last month, has sued the estate to recoup her legal fees.

Not until all that is over will the estate dispense whatever is left, according to the terms of a secret trust that Epstein set up and named in a will drawn just two days before he died.

The details of the trust are not public. But Karyna Shuliak, Epstein’s girlfriend and the last person he spoke to on the phone before killing himself, will be one of the main beneficiaries, The New York Times previously reported. Shuliak, a native of Belarus, is a dentist who shared an office on the island of St. Thomas with Epstein’s Southern Trust Co. A lawyer for Shuliak declined to comment.

The estate has paid $9 million to the lawyers who established and oversaw the victims restitution fund, and $21 million to at least 16 law firms for services and expenses, according to a review of quarterly financial statements filed by the estate in Superior Court in the Virgin Islands.

Five firms — Troutman Pepper, Hughes Hubbard &amp; Reed, White &amp; Case, McLaughlin &amp; Stern and Kellerhals Ferguson Kroblin — have each taken in fees that exceed the nearly $900,000 average award to victims from the compensation fund. A lawyer for nine accusers who submitted claims took issue with the size of those legal bills.

“It is appalling that lawyers divvying up the estate of Jeffrey Epstein are profiting more than his victims,” said Florida lawyer Spencer Kuvin, who has been seeking compensation for some of Epstein’s accusers for more than a decade.

Daniel Weiner, a lawyer with Hughes Hubbard, which has billed the estate more than $6 million, said it was wrong to compare the legal fees and the settlement amounts. He said the estate’s executors, Darren Indyke and Richard Kahn, had put no limitations on the amount of money handed out by the restitution fund, which an independent administrator oversaw.

The victims who participated, he added, were able to avoid litigation costs that could have reduced the amount they received. (Victims’ lawyers are being paid out of the awards; a one-third share is typical.)

Weiner said he would not discuss whether Indyke and Kahn, who were longtime advisers to Epstein, would ultimately receive any proceeds from the estate through the trust.

“The trust Mr. Epstein created before his death has not and will not be funded, if ever, until every single claim against the estate has been resolved,” Weiner said in a statement. “Public curiosity as to contingent beneficiaries who may never receive anything from that trust cannot justify violating their legitimate privacy interests.”

Although the estate’s legal expenses continue to grow, William LaPiana, a professor at New York Law School and a trust and estates expert, said the costs were, so far, fairly typical.

LaPiana said it is not unusual for legal fees in complex estates that involve extensive litigation to approach 5% of the estate’s initial value. The legal fees unrelated to the compensation fund currently represent about 3.5% percent of the estate’s beginning valuation.

“I don’t believe a court would yet decide that the admittedly large fees are excessive,” he said.

The fees are just one component of the long list of costs that have whittled away at the fortune that Epstein built primarily by providing financial and tax advice to a small group of wealthy men. Among them were two billionaires: Leon Black, a founder of the private equity firm Apollo Global Capital, and Leslie Wexner, founder of a retail empire that once included Victoria’s Secret.

The estate’s tax bill alone was roughly $180 million. Upkeep of the properties — two tropical islands, the ranch and a Paris apartment are still unsold — has cost millions more. The estate is also paying about $15,000 a month to store Epstein’s art collection in a temperature-controlled warehouse in Long Island City, according to court filings. More routine expenses include roughly $390 a month to Verizon for phone services and about $154 a month to Dish for satellite TV services, the filings show.

Cash has come in as assets have been sold off: $66 million from the sale of Epstein’s former homes in Manhattan and Palm Beach, Florida, although that was well below their asking prices. A Gulfstream jet, one of three planes Epstein owned, was sold in late 2020 for $10 million, some $7 million less than the estate had valued it.

In August, the estate sold its half interest in a yacht club on St. Thomas for $4.6 million. A few months earlier, it sold Epstein's Sikorsky helicopter, generating $1.5 million. Other asset sales have netted more modest sums: In September, the estate got $985 for an “Ikea green shag rug” and outdoor furniture from Epstein’s island home.

The value of the estate is now roughly $185 million, and the litigation with the Virgin Islands has the potential to wipe out much of that.

Denise George, the territory’s attorney general, filed a civil fraud complaint against the estate two years ago, contending that Epstein improperly received a tax benefit that allowed him to finance sex trafficking. That wrongly deprived the territory — where the poverty rate is roughly twice the national average — of badly needed revenue, George said. She is seeking to recoup tens of millions in lost revenue, plus punitive damages.

George’s office retained a law firm, Motley Rice, to handle much of its investigation. Motley Rice’s compensation will ultimately be based on any judgment or recovery in the case, the attorney general’s office said.

The two sides began settlement talks last year, although the parties are not close to a deal, said two people briefed on the matter, who spoke on the condition of anonymity because the talks are confidential.

Sandra Goomansingh, a spokesperson for George, declined to comment on whether the parties were engaged in settlement negotiations. Weiner also declined to comment on settlement talks.

The size of any settlement depends, in part, on how much money Epstein’s two islands off St. Thomas can fetch at sale. His estate valued the properties at about $20 million, according to the most recent quarterly report. But a local real estate agent said they could go for much more.

The agent, April Newland, who specializes in selling high-end properties, said she had shown the islands to a number of interested buyers, including several cryptocurrency investors. Newland said getting both for just $20 million would be a “steal.”

“There is a market for private islands,” she said. “And once they start marketing them, they will go.”

When Jeffrey Epstein died, he left behind an estate with an estimated value of $600 million. There were vast financial holdings, a private jet and palatial properties including an island hideaway, a grand Manhattan mansion and a 7,600-acre New Mexico ranch.

When Jeffrey Epstein died, he left behind an estate with an estimated value of $600 million. There were vast financial holdings, a private jet and palatial properties including an island hideaway, a grand Manhattan mansion and a 7,600-acre New Mexico ranch. But taxes, property upkeep and temperature-controlled storage for his art collection — as well as $121 million in settlements to more than 135 women who accused him of sexually abusing them when they were young — have since cut into the size of Epstein’s estate. It is now worth about one-third of its value when the financier, 66, hanged himself in a Manhattan jail cell while awaiting trial on sex-trafficking charges 2 1/2 years ago. The biggest continuing expense is legal costs: $30 million so far to law firms brought in to clean up Epstein’s affairs. Lawyers have helped hand out settlements, liquidate assets and sift through the complicated holdings of a man who once set up his own offshore bank. The work won’t be finished anytime soon. The estate must still resolve a civil fraud lawsuit, brought by the attorney general of the Virgin Islands, who claims Epstein used the territory to facilitate a criminal enterprise by bilking it out of more than $70 million in tax revenue. And Ghislaine Maxwell, the former associate of Epstein who was convicted of sex-trafficking charges last month, has sued the estate to recoup her legal fees. Not until all that is over will the estate dispense whatever is left, according to the terms of a secret trust that Epstein set up and named in a will drawn just two days before he died. The details of the trust are not public. But Karyna Shuliak, Epstein’s girlfriend and the last person he spoke to on the phone before killing himself, will be one of the main beneficiaries, The New York Times previously reported. Shuliak, a native of Belarus, is a dentist who shared an office on the island of St. Thomas with Epstein’s Southern Trust Co. A lawyer for Shuliak declined to comment. The estate has paid $9 million to the lawyers who established and oversaw the victims restitution fund, and $21 million to at least 16 law firms for services and expenses, according to a review of quarterly financial statements filed by the estate in Superior Court in the Virgin Islands. Five firms — Troutman Pepper, Hughes Hubbard & Reed, White & Case, McLaughlin & Stern and Kellerhals Ferguson Kroblin — have each taken in fees that exceed the nearly $900,000 average award to victims from the compensation fund. A lawyer for nine accusers who submitted claims took issue with the size of those legal bills. “It is appalling that lawyers divvying up the estate of Jeffrey Epstein are profiting more than his victims,” said Florida lawyer Spencer Kuvin, who has been seeking compensation for some of Epstein’s accusers for more than a decade. Daniel Weiner, a lawyer with Hughes Hubbard, which has billed the estate more than $6 million, said it was wrong to compare the legal fees and the settlement amounts. He said the estate’s executors, Darren Indyke and Richard Kahn, had put no limitations on the amount of money handed out by the restitution fund, which an independent administrator oversaw. The victims who participated, he added, were able to avoid litigation costs that could have reduced the amount they received. (Victims’ lawyers are being paid out of the awards; a one-third share is typical.) Weiner said he would not discuss whether Indyke and Kahn, who were longtime advisers to Epstein, would ultimately receive any proceeds from the estate through the trust. “The trust Mr. Epstein created before his death has not and will not be funded, if ever, until every single claim against the estate has been resolved,” Weiner said in a statement. “Public curiosity as to contingent beneficiaries who may never receive anything from that trust cannot justify violating their legitimate privacy interests.” Although the estate’s legal expenses continue to grow, William LaPiana, a professor at New York Law School and a trust and estates expert, said the costs were, so far, fairly typical. LaPiana said it is not unusual for legal fees in complex estates that involve extensive litigation to approach 5% of the estate’s initial value. The legal fees unrelated to the compensation fund currently represent about 3.5% percent of the estate’s beginning valuation. “I don’t believe a court would yet decide that the admittedly large fees are excessive,” he said. The fees are just one component of the long list of costs that have whittled away at the fortune that Epstein built primarily by providing financial and tax advice to a small group of wealthy men. Among them were two billionaires: Leon Black, a founder of the private equity firm Apollo Global Capital, and Leslie Wexner, founder of a retail empire that once included Victoria’s Secret. The estate’s tax bill alone was roughly $180 million. Upkeep of the properties — two tropical islands, the ranch and a Paris apartment are still unsold — has cost millions more. The estate is also paying about $15,000 a month to store Epstein’s art collection in a temperature-controlled warehouse in Long Island City, according to court filings. More routine expenses include roughly $390 a month to Verizon for phone services and about $154 a month to Dish for satellite TV services, the filings show. Cash has come in as assets have been sold off: $66 million from the sale of Epstein’s former homes in Manhattan and Palm Beach, Florida, although that was well below their asking prices. A Gulfstream jet, one of three planes Epstein owned, was sold in late 2020 for $10 million, some $7 million less than the estate had valued it. In August, the estate sold its half interest in a yacht club on St. Thomas for $4.6 million. A few months earlier, it sold Epstein's Sikorsky helicopter, generating $1.5 million. Other asset sales have netted more modest sums: In September, the estate got $985 for an “Ikea green shag rug” and outdoor furniture from Epstein’s island home. The value of the estate is now roughly $185 million, and the litigation with the Virgin Islands has the potential to wipe out much of that. Denise George, the territory’s attorney general, filed a civil fraud complaint against the estate two years ago, contending that Epstein improperly received a tax benefit that allowed him to finance sex trafficking. That wrongly deprived the territory — where the poverty rate is roughly twice the national average — of badly needed revenue, George said. She is seeking to recoup tens of millions in lost revenue, plus punitive damages. George’s office retained a law firm, Motley Rice, to handle much of its investigation. Motley Rice’s compensation will ultimately be based on any judgment or recovery in the case, the attorney general’s office said. The two sides began settlement talks last year, although the parties are not close to a deal, said two people briefed on the matter, who spoke on the condition of anonymity because the talks are confidential. Sandra Goomansingh, a spokesperson for George, declined to comment on whether the parties were engaged in settlement negotiations. Weiner also declined to comment on settlement talks. The size of any settlement depends, in part, on how much money Epstein’s two islands off St. Thomas can fetch at sale. His estate valued the properties at about $20 million, according to the most recent quarterly report. But a local real estate agent said they could go for much more. The agent, April Newland, who specializes in selling high-end properties, said she had shown the islands to a number of interested buyers, including several cryptocurrency investors. Newland said getting both for just $20 million would be a “steal.” “There is a market for private islands,” she said. “And once they start marketing them, they will go.”

Where is Jeffrey Epstein’s money going?

Budget 2022 is just around the corner and like other sectors, auto sector in India has its expectations as well. Around 50% of manufacturing contribution in India's GDP comes from auto sector so what are the expectations of this shining sector? Today we're joined by Santosh Iyer, VP of Mercedes-Benz.

50% of manufacturing contribution in India's GDP comes from auto sector

India's startup sector is one of the shining examples of the Indian economy over the past two years. Going forward, 2022 is supposed to be even more optimistic, with more hopes for the startup ecosystem.

Bright outlook for India's startup ecosystem ahead of budget 2022

Central Bank Federal Reserve is likely to hike interest rates this March and has reaffirmed plans to end its bond purchases.

US: Central Bank Federal Reserve is likely to hike interest rates in March

Bentley says that it will launch its first fully electric car in 2025. It has also said that it will invest $3.4 Billion in sustainability in the next 10 years.

Bentley to launch its first fully electric car in 2025, $3.4 Billion to be invested in next 10 years

US plane maker Boeing has incurred a 3.5 billion dollar charge in the fourth quarter. This was due to longer than expected delivery delays.

US plane maker Boeing incurs a 3.5 billion dollar charge due to delivery delays

The International Monetary Fund (IMF) has slashed its growth prediction for 2022, citing higher-than-expected inflation and the Omicron variant&nbsp;as reasons for the downgrade.

In a quarterly update on predictions released in October 2021, the IMF predicted that growth would be 4.4 percent this year, down 0.5 percentage points from last year, with the possibility of a worse performance.

The downgrading was blamed on mounting cost pressures and the rapid spread of Omicron, according to the Washington-based organisation, which added that while the forecast for the world's two largest economies – the US and China—was considerably worse in 2022, few countries would be spared a downturn.&nbsp;

The UK is predicted to increase by 4.7 per cent in 2022, down 0.3 percentage points from the IMF's October 2021 World Economic Outlook prediction.

Despite the cut, the IMF predicts that the UK will expand faster this year than the other six G7 industrial nations — the United States, Japan, Germany, France, Italy, and Canada.&nbsp;

The United States, the world's largest economy, saw its estimate slashed due to concerns over President Joe Biden's spending agenda, while China, the world's second-largest economy, faced real estate issues.

According to the IMF, the global economy grew 5.9% last year, the greatest in four decades of detailed statistics.

This followed a 3.1 percent drop in 2020, the largest drop in broader data since the Great Depression.

(With inputs from agencies)

The International Monetary Fund (IMF) has slashed its growth prediction for 2022, citing higher-than-expected inflation and the Omicron variant as reasons for the downgrade.

The International Monetary Fund (IMF) has slashed its growth prediction for 2022, citing higher-than-expected inflation and the Omicron variant as reasons for the downgrade. In a quarterly update on predictions released in October 2021, the IMF predicted that growth would be 4.4 percent this year, down 0.5 percentage points from last year, with the possibility of a worse performance. The downgrading was blamed on mounting cost pressures and the rapid spread of Omicron, according to the Washington-based organisation, which added that while the forecast for the world's two largest economies – the US and China—was considerably worse in 2022, few countries would be spared a downturn. The UK is predicted to increase by 4.7 per cent in 2022, down 0.3 percentage points from the IMF's October 2021 World Economic Outlook prediction. Despite the cut, the IMF predicts that the UK will expand faster this year than the other six G7 industrial nations — the United States, Japan, Germany, France, Italy, and Canada. The United States, the world's largest economy, saw its estimate slashed due to concerns over President Joe Biden's spending agenda, while China, the world's second-largest economy, faced real estate issues. According to the IMF, the global economy grew 5.9% last year, the greatest in four decades of detailed statistics. This followed a 3.1 percent drop in 2020, the largest drop in broader data since the Great Depression. (With inputs from agencies)

IMF cuts 2022 economic growth outlook amid inflation

Texas, Indiana, Washington state and the district of Columbia they've all sued alphabet's Google over deceptive location tracking practices that invade users privacy. The search engine firm is accused of falsely leading consumers to believe that changing their account and device settings would allow customers to protect their privacy.

Google sued over location-tracking

South Korea's economy has expanded at fastest pace in last 11 years last year. However, a slowdown in capital investment, it can cast cloud over outlook for growth this year. Bank of Korea's data showed GDP expanded four percent in 2021 as demand for exports soared.

South Korea's GDP growth at 11-year high

iPhone maker Apple was fined 5 million euros by the Dutch antitrust regulator for failing to comply with an order to open its app store to allow dating app providers in the Netherlands to use alternative payment methods.

Dutch watchdog fines apple $5.65 million

Worries about the possibilities of a quicker rate hike from the US Fed Reserve have dragged the global markets down. Indian markets have witnessed marginal recovery after falling for six-straight days.

Anxiety over US Fed decision drags down markets

Zee Media Corporation Limited, one of the country's largest media companies, has expanded its regional footprint by virtually launching four news channels in South India – Zee Tamil News, Zee Telugu News, Zee Kannada News, and Zee Malayalam News.

The four new digital news channels were virtually launched by Dr&nbsp;Subhash Chandra, Chairman of Essel Group and founder of Zee Media Corporation.

As per updates, the four channels will be telecast in digital form as live streams on YouTube and other digital platforms, and also on their respective websites. With this, Zee Media also plans to launch satellite versions of these channels in the coming months.

Soon after the launch of the channels, the company said in a statement, "The aim behind launching these channels is to reach out to every southern household and connect with them in their own language, bringing them news from not only the country and world at large but from every corner of their states. Being digital channels, the expanse and variety of content will be immense."

"Our brands in the South will stand for ‘Fearless’ and ‘Unbiased’ journalism that is being anticipated by the masses. The people out here are parched for news that is impartial and direct. Zee will bring a refreshing change in a market dominated by political channels or channels that have party lineage", it added.

It must be noted that Zee Media is a 26-year-old news network with 14 News channels in 6 different languages, touching more than 220 million viewers and over 362 million users across its digital properties. Apart from this, Zee Media is also the No. 1 news network in the country digitally, according to Comscore (digital data analysis company) in the general news category.

With the launch of new channels, Zee Media hopes to expand its outreach among each and every south Indian household and connect with them in their own language, bringing them news from not only the country and the world at large but from every corner of their states.

The company believes the launch of these new digital news channels will greatly augment the nationwide reach of Zee Media Corporation, which has a vast presence in the North, West, and East Indian states.

Zee Media Corporation Limited, one of the country's largest media companies, has expanded its regional footprint by virtually launching four news channels in South India – Zee Tamil News, Zee Telugu News, Zee Kannada News, and Zee Malayalam News.

Zee Media Corporation Limited, one of the country's largest media companies, has expanded its regional footprint by virtually launching four news channels in South India – Zee Tamil News, Zee Telugu News, Zee Kannada News, and Zee Malayalam News. The four new digital news channels were virtually launched by Dr Subhash Chandra, Chairman of Essel Group and founder of Zee Media Corporation. As per updates, the four channels will be telecast in digital form as live streams on YouTube and other digital platforms, and also on their respective websites. With this, Zee Media also plans to launch satellite versions of these channels in the coming months. Soon after the launch of the channels, the company said in a statement, "The aim behind launching these channels is to reach out to every southern household and connect with them in their own language, bringing them news from not only the country and world at large but from every corner of their states. Being digital channels, the expanse and variety of content will be immense." "Our brands in the South will stand for ‘Fearless’ and ‘Unbiased’ journalism that is being anticipated by the masses. The people out here are parched for news that is impartial and direct. Zee will bring a refreshing change in a market dominated by political channels or channels that have party lineage", it added. It must be noted that Zee Media is a 26-year-old news network with 14 News channels in 6 different languages, touching more than 220 million viewers and over 362 million users across its digital properties. Apart from this, Zee Media is also the No. 1 news network in the country digitally, according to Comscore (digital data analysis company) in the general news category. With the launch of new channels, Zee Media hopes to expand its outreach among each and every south Indian household and connect with them in their own language, bringing them news from not only the country and the world at large but from every corner of their states. The company believes the launch of these new digital news channels will greatly augment the nationwide reach of Zee Media Corporation, which has a vast presence in the North, West, and East Indian states.

Zee Media launches four new digital channels to expand its regional coverage

Latest to enter electric car race could be French-Japanese auto alliance Renault–Nissan–Mitsubishi motors. The companies plan to triple their investment to jointly develop electric vehicles reports say established automakers are facing pressure from new competitors and an expected shift in demand towards electric vehicles.

Renault, Nissan, Mitsubishi to unveil 2030 EV plan soon

Germany's flagship carrier Lufthansa is in talks to buy a 40% stake in Italy's state-owned Alitalia's, following a newspaper report that a deal could be unveiled next week.

Germany: Lufthansa in talks to buy 40% stake in Italy's ITA Airways

South Korea unveiled a 14 trillion won ($11.75bn) supplementary budget to support the self-employed and small businesses that have taken a hefty loans from extended COVID-19 curbs.

South Korea unveils $12bn supplementary budget

After rising to seven year highs, this week oil prices plunged today morning it's because of increasing US crude and stockpiles of fuel, it prompted investors to take profits from the rally.

US crude oil, gasoline stocks rose last week

Airlines across the world are concerned about possible losses from covid's third wave. Now America's United Airlines it has trimmed its capacity forecast and warned of higher cost after posting a smaller than expected fourth quarter loss this after citing turbulence from omicron coronavirus variant.

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Russian central bank has proposed a ban on cryptocurrency use and mining on Russian territory. The bank&nbsp;has cited threats posed by cryptocurrency to financial stability,&nbsp;citizens' wellbeing and its monetary policy sovereignty.

Russia has for years, argued against cryptocurrencies claiming that they could be used to fund terrorism or for money laundering. Russia&nbsp;eventually gave cryptocurrencies&nbsp;legal status in 2020 but banned their use as&nbsp;means of payment.

In a report published on Thursday, the central bank said speculative demand primarily determined cryptocurrencies' rapid growth and that they carried characteristics of a financial pyramid, warning that bubbles in the market could form, threatening financial stability and citizens.

The bank proposed preventing financial institutions from carrying out any operations with cryptocurrencies and said mechanisms should be developed to block transactions aimed at buying or selling cryptocurrencies for fiat, or traditional currencies. The proposed ban includes crypto exchanges.

Russians are active cryptocurrency users, the central bank said, with an annual transaction volume of about $5 billion.

Governments across the world are cracking down on cryptocurrencies due to worry that privately operated highly volatile digital currencies could undermine their control of financial and monetary systems.

(With inputs from agencies)

Russian central bank has proposed a ban on cryptocurrency use and mining on Russian territory. The bank has cited threats posed by cryptocurrency to financial stability, citizens' wellbeing and its monetary policy sovereignty.

Russian central bank has proposed a ban on cryptocurrency use and mining on Russian territory. The bank has cited threats posed by cryptocurrency to financial stability, citizens' wellbeing and its monetary policy sovereignty. Russia has for years, argued against cryptocurrencies claiming that they could be used to fund terrorism or for money laundering. Russia eventually gave cryptocurrencies legal status in 2020 but banned their use as means of payment. In a report published on Thursday, the central bank said speculative demand primarily determined cryptocurrencies' rapid growth and that they carried characteristics of a financial pyramid, warning that bubbles in the market could form, threatening financial stability and citizens. The bank proposed preventing financial institutions from carrying out any operations with cryptocurrencies and said mechanisms should be developed to block transactions aimed at buying or selling cryptocurrencies for fiat, or traditional currencies. The proposed ban includes crypto exchanges. Russians are active cryptocurrency users, the central bank said, with an annual transaction volume of about $5 billion. Governments across the world are cracking down on cryptocurrencies due to worry that privately operated highly volatile digital currencies could undermine their control of financial and monetary systems. (With inputs from agencies)

Russia mulls ban on cryptocurrency use and mining

A disruption to US bound air travel caused by a rollout of 5G services in the US was eased yesterday as authorities approved more flights but a top airline warned irresponsible regulatory confusion that would be felt internationally. Airlines and telecom companies they have been at loggerheads over the deployment of 5g mobile services.

Airlines, telecom firms spar over 5G rollout

Tech giant&nbsp;Microsoft is going to buy Activision Blizzard, the iconic gaming studio that has made genre-defining and immensely popular games like 'Call of Duty', 'Candy Crush Saga' and more. The USD 68.7 billion deal is going to be the biggest deal in the history of gaming industry. Microsoft announced the all-cash deal on Tuesday. This deal is likely to give Microsoft a strong foothold in booming videogame market dominated by major players like Tencent and Sony.

It also represents the American multinational's bet on the "metaverse," virtual online worlds where people can work, play and socialize, as many of its biggest competitors are already doing.&nbsp;

"Gaming is the most dynamic and exciting category in entertainment across all platforms today and will play a key role in the development of metaverse platforms," Microsoft Chief Executive Satya Nadella said.

<img alt="Call of Duty" data-entity-type="file" data-entity-uuid="7771ae5f-0564-4127-8408-5e9648f723d3" src="//cdn.wionews.com/sites/default/files/inline-images/2022-01-18T183255Z_1_LYNXMPEI0H0VU_RTROPTP_4_E3-GAMING.JPG" />

Microsoft's offer of $95 per share represents a premium of 45% to Activision's Friday close. Activision's shares were last up 27% at $83.11, still a steep discount to the offer price, reflecting concerns the deal could get stuck in regulators' crosshairs.

Microsoft has so far avoided the type of scrutiny faced by Google and Facebook but this deal, which would make it the world's third largest gaming company, will put the Xbox maker on lawmakers' radars, said Andre Barlow of the law firm Doyle, Barlow &amp; Mazard PLLC.

"Microsoft is already big in gaming," he said.

However, a source familiar with the matter said Microsoft would pay a $3 billion break-fee if the deal falls through, suggesting it is confident of winning antitrust approval.

The tech major's shares were last down 1.3%.

The deal comes at a time of weakness for Activision. Before the deal was announced, its shares had slumped more than 37% since reaching a record high last year, hit by allegations of sexual harassment of employees and misconduct by several top managers.

The company is still addressing those allegations and said on Monday it had fired or pushed out more than three dozen employees and disciplined another 40 since July.

CEO Bobby Kotick, who said Microsoft reached out to him for a possible buyout, would continue to be the CEO of Activision following the deal.

In a conference call with analysts, Microsoft boss Nadella did not directly refer to the scandal but talked about the importance of culture in the company.

"It's critical for Activision Blizzard to drive forward on its renewed cultural commitments," he said, adding "the success of this acquisition will depend on it."

(With inputs from agencies)

Tech giant Microsoft is going to buy Activision Blizzard, the iconic gaming studio that has made genre-defining and immensely popular games like 'Call of Duty', 'Candy Crush Saga' and more.

Tech giant Microsoft is going to buy Activision Blizzard, the iconic gaming studio that has made genre-defining and immensely popular games like 'Call of Duty', 'Candy Crush Saga' and more. The USD 68.7 billion deal is going to be the biggest deal in the history of gaming industry. Microsoft announced the all-cash deal on Tuesday. This deal is likely to give Microsoft a strong foothold in booming videogame market dominated by major players like Tencent and Sony. It also represents the American multinational's bet on the "metaverse," virtual online worlds where people can work, play and socialize, as many of its biggest competitors are already doing. "Gaming is the most dynamic and exciting category in entertainment across all platforms today and will play a key role in the development of metaverse platforms," Microsoft Chief Executive Satya Nadella said. Microsoft's offer of $95 per share represents a premium of 45% to Activision's Friday close. Activision's shares were last up 27% at $83.11, still a steep discount to the offer price, reflecting concerns the deal could get stuck in regulators' crosshairs. Microsoft has so far avoided the type of scrutiny faced by Google and Facebook but this deal, which would make it the world's third largest gaming company, will put the Xbox maker on lawmakers' radars, said Andre Barlow of the law firm Doyle, Barlow & Mazard PLLC. "Microsoft is already big in gaming," he said. However, a source familiar with the matter said Microsoft would pay a $3 billion break-fee if the deal falls through, suggesting it is confident of winning antitrust approval. The tech major's shares were last down 1.3%. The deal comes at a time of weakness for Activision. Before the deal was announced, its shares had slumped more than 37% since reaching a record high last year, hit by allegations of sexual harassment of employees and misconduct by several top managers. The company is still addressing those allegations and said on Monday it had fired or pushed out more than three dozen employees and disciplined another 40 since July. CEO Bobby Kotick, who said Microsoft reached out to him for a possible buyout, would continue to be the CEO of Activision following the deal. In a conference call with analysts, Microsoft boss Nadella did not directly refer to the scandal but talked about the importance of culture in the company. "It's critical for Activision Blizzard to drive forward on its renewed cultural commitments," he said, adding "the success of this acquisition will depend on it." (With inputs from agencies)

Microsoft to buy 'Candy Crush' and 'Call of Duty' maker Activision for USD 69 billion

Oil prices have climbed to their highest. Investors are worried about global political tensions involving major producers such as the United Arab Emirates and Russia that could exacerbate the already tight supply.

Oil hits 7-year high as tight supply bites

In the world of business and what has happened is this remarkable deal which is the biggest gaming deal in history where Microsoft is now buying Call Of Duty maker Activision Blizzard for a jaw-dropping 68.7 billion dollars.

'Call of Duty' maker to be bought by Microsoft | Business News

The United Kingdom's inflation rose to 5.4 per cent in December, reaching the highest level in almost 30 years.

UK inflation hits highest in nearly 30 years

Prime Minister Narendra Modi stated on Monday that dealing with the difficulties posed by cryptocurrenices requires a worldwide commitment.&nbsp;

"The kind of technology it is associated with, the decision taken by a single country will be insufficient to deal with its challenges. We have to have a similar mindset," Modi said at the World Economic Forum's virtual Davos Agenda conference.

India has been considering virtual currency-related rules, which were generally expected to be introduced in the parliament's winter session in December before being postponed.

New Delhi has already stated that it intends to outlaw most cryptocurrencies, a move that would follow China's recent steps to tighten its grip on the digital currency.

In addition, India's central bank has expressed "severe worries" about digital currencies, claiming that they could jeopardise financial stability.&nbsp;

According to industry estimates, India has 15 million to 20 million cryptocurrency investors, with total crypto holdings of roughly 400 billion rupees ($5.39 billion).

Modi also stated that India is working on signing free trade deals with a number of countries.

India has declared the start of free trade negotiations with the United Kingdom, with the goal of reaching an agreement by the end of the year.

The prime minister also stated that now is the perfect moment to invest in India since the country is eager to establish itself as a more reliable partner in the global supply chain.&nbsp;

(With inputs from agencies)

Prime Minister Narendra Modi stated on Monday that dealing with the difficulties posed by cryptocurrenices requires a worldwide commitment. "The kind of technology it is associated with, the decision taken by a single country will be insufficient to deal with its challenges.

Prime Minister Narendra Modi stated on Monday that dealing with the difficulties posed by cryptocurrenices requires a worldwide commitment. "The kind of technology it is associated with, the decision taken by a single country will be insufficient to deal with its challenges. We have to have a similar mindset," Modi said at the World Economic Forum's virtual Davos Agenda conference. India has been considering virtual currency-related rules, which were generally expected to be introduced in the parliament's winter session in December before being postponed. New Delhi has already stated that it intends to outlaw most cryptocurrencies, a move that would follow China's recent steps to tighten its grip on the digital currency. In addition, India's central bank has expressed "severe worries" about digital currencies, claiming that they could jeopardise financial stability. According to industry estimates, India has 15 million to 20 million cryptocurrency investors, with total crypto holdings of roughly 400 billion rupees ($5.39 billion). Modi also stated that India is working on signing free trade deals with a number of countries. India has declared the start of free trade negotiations with the United Kingdom, with the goal of reaching an agreement by the end of the year. The prime minister also stated that now is the perfect moment to invest in India since the country is eager to establish itself as a more reliable partner in the global supply chain. (With inputs from agencies)

PM Modi urges collective global effort to deal with cryptocurrencies